Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-12

I've been in DEM since 2019, topped up several times since then and so overall are sitting on a loss ATM.

Positive:

• Andreas Kroell is a capable and motivated CEO with good strategic vision. Broadly, he outlined a strategy years ago and he's stuck with it.
• He's acting like somebody with skin in the game, although I think he's playing a long game, and cares more about growing the business, than the SP.
• The shareholder comms are informative and don't smell whiffy.
• Consistent top-line revenue growth.
• Backed by good intellectual property and technology that appears to have many years of moat ahead of it.
• Recent contract wins reassure me that they can sign up new customers.

Negative:

• The repeated capital raise to acquire smaller companies make it harder to see what's really going on. "17 consecutive quarters of revenue growth" is not the whole story, since DEM diluted shareholders to swallow two smaller businesses during that time.
• Hated the low-ball 14c capital raise. Don't do that again!
• The "recurring revenue" metric is a double-edged sword. While it's nice to have revenue streams that will run for decades, a high recurring revenue can also signal a lack of new customers. For a while there, I sensed a weakness in the marketing side, and new customers seemed few. Looks like we might be past that now..
• It's been hovering near break-even for many years now. "Hold tight investors! The promised profitability is just around the corner." But never quite here... sigh..

I want to like DEM, but I also see risk and I don't yet see the share price catalyst that's going to provide suitable reward for that risk. Overall, it's been a disappointment to date, as I'm sitting on a substantial loss. So Im a Hold for now.